Section 452.134. Agency relationships; multiple representation relationships.

 

(1)   Agency relationship not required.

(a) Subject to par. (b) , a firm and any licensees associated with the firm may provide brokerage services to any party to a transaction, whether or not the firm has entered into an agency agreement with a party to the transaction or the firm has been engaged to provide brokerage services in the transaction as a subagent.

(b) A firm and any licensees associated with the firm may not negotiate on behalf of a party to a transaction unless a party to the transaction is one of the following:

1. The firm's client.

2. A client of a principal firm who has engaged the firm as a subagent.

(2)   Multiple representation relationships. A firm and any licensees associated with the firm may not provide brokerage services in a multiple representation relationship unless all of the firm's clients in the multiple representation relationship have consented to a multiple representation relationship in writing.

(3)   Designated agency.

(a) A firm in a multiple representation relationship may not engage in designated agency unless all of the firm's clients in the relationship have consented to designated agency in writing. A client may withdraw consent to designated agency by written notice to the firm at any time.

(b) If a firm is engaged in designated agency, the licensee associated with the firm that is negotiating on behalf of a client of the firm in the transaction may provide to the client on whose behalf the licensee is negotiating information, opinions, and advice to assist the client in the negotiations, whether or not the information, opinions, and advice place the interests of one of the firm's clients ahead of the interests of another client of the firm.

(4)   Multiple representation relationships without designated agency. If a firm's client in a multiple representation relationship does not consent to designated agency or withdraws consent to designated agency, the firm and any licensees associated with the firm may not place the interests of any client ahead of the interests of any other in the negotiations.

2005 a. 87 ; 2015 a. 258 . The `New' Chapter 452: Defining Real Estate Broker Practice. Leibsle. Wis. Law. June 2006.